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Centene receives $796.17 million tenders on offer for 4¾% notes
By Taylor Fox
New York, Feb. 18 – Centene Corp. announced the results of its cash tender offer for any and all $2.2 billion outstanding 4¾% senior notes due 2025 (Cusips: 15135BAJ0, 15135BAP6, 15135BAN1, U13905AF8), according to a news release.
As of the 5 p.m. ET on Feb. 17 expiration time, $796.17 million of the notes, or 36.19%, were tendered and not validly withdrawn, excluding $3.44 million of the notes tendered under guaranteed delivery procedures.
As previously reported, holders who tender notes prior to the expiration or under guaranteed delivery procedures will receive $1,025.85 per $1,000 of notes, plus interest.
The settlement date is expected for Feb. 18 and will be Feb. 22 for those notes tendered under guaranteed delivery procedures.
Centene plans to use the proceeds from its recent $2.2 billion sale of 2½% senior notes due 2031 to help fund the tender offer.
Centene will redeem the remaining 2025 notes on March 12.
BofA Securities (980 388-0539; debt_advisory@bofa.com) is the dealer manager, and Global Bondholder Services Corp. (212 430-3774, 866 470-4200; contact@gbsc-usa.com) is the tender agent and information agent.
Centene is a St. Louis-based health care enterprise. Magellan Health is a Phoenix-based managed health care company.
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